Know Your Customer (KYC)
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May 1, 2024
3 minute read
Know Your Customer (KYC) is a term used in financial services and compliance to describe the process of verifying the identities of customers and assessing their risk profiles. KYC checks are designed to help prevent money laundering, terrorist financing, and other financial crimes by ensuring that customers are who they say they are and that they are not using their accounts for illegal purposes. KYC checks typically involve collecting information from customers such as their name, address, date of birth, and government-issued ID number. This information is then verified against third-party sources such as credit bureaus and public records.
Importance of KYC Checks
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Find a path to becoming a Know Your Customer (KYC). Learn more at:
OpenCourser.com/topic/rz5m59/know
